Recent Rystad research shows the UK government is expected to spend more than $470 million on geothermal heating by the decade’s end.
The UK has traditionally ignored geothermal as a handful of European nations took advantage of the energy source for heating with 20 megawatt thermal (MWt) of geothermal heating capacity today, however, that is expected to exceed 100 MWt in 2030.
The uptake in geothermal heating is a trend across Europe as countries aim to find affordable alternatives to gas-fired heating.
Geothermal usage is set to increase by 58% growing from today’s 3.9 gigawatt thermal (GWt) to over 6.2 GWt – this increase in development is expected to cost $7.4 billion.
This analysis includes district heating (full or partial), aquaculture, horticulture and agriculture, however, projects using shallow wells or heat pumps are not included.